Q3 2025 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported an 11.6% increase in earnings per share from the previous quarter, reaching $0.81.
- The company experienced meaningful revenue growth driven by higher average assets under management (AUM) and a stable effective fee rate.
- Operating margin increased to 36.1% from 33.6% in the previous quarter, indicating improved operational efficiency.
- Net inflows reached a multiyear high, supported by strong investment performance and a focus on sales and distribution.
- Cohen & Steers Inc (CNS) maintains a strong balance sheet with high liquidity levels and no leverage, allowing for opportunistic investments.
- Short-term quarterly performance was weaker, with only 33% of AUM outperforming, due to weaker US REIT performance.
- Institutional advisory and subadvisory segments experienced net outflows, partially offsetting inflows into open-end funds.
- The compensation and benefits expenses increased, although the change was below the revenue increase.
- The effective tax rate for the quarter was lower, but the year-to-date rate remained at 25.1%, potentially impacting net income.
- The company faces challenges in scaling up new initiatives like active ETFs and private real estate, which are still in the early stages of generating revenue.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded, Friday, October 17, 2025.
I would now like to turn the conference over to Brian Heller, Senior Vice President and Deputy General Counsel of Cohen & Steers. Please go ahead.
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Thank you, and welcome to the Cohen & Steers third quarter 2025 earnings conference call. Joining me are Joe Harvey, our Chief Executive Officer; Raja Dakkuri, our Chief Financial Officer; and Jon Cheigh, our President and Chief Investment Officer.
I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us but actual outcomes could differ materially due to a number of factors, including those described in our
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